Minimum Balance in SBI Saving Account - What You Need to Know

Maintaining a minimum balance in your SBI savings account is a crucial aspect of banking.

The minimum balance requirement in an SBI savings account varies depending on the type of account and the location.

For example, in metropolitan cities, the minimum balance required is ₹2,500 for basic savings bank deposit accounts.

In rural areas, the requirement is significantly lower at ₹1,000.

You can avoid charges by maintaining the required minimum balance.

Failure to do so may result in a penalty.

The State Bank of India has reduced the monthly balance requirements for its savings bank accounts.

Customers in Metro and Urban centres now need to maintain a minimum balance of just Rs 15 per month, down from Rs 50.

The bank has also reduced the charges for non-maintenance of minimum balance for Semi-Urban and Rural centres.

Customers in these areas now need to pay Rs 12 and Rs 10 per month respectively, down from Rs 40 and Rs 40 plus GST.

SBI customers who don't want to pay these charges can opt for a Basic Savings Bank Account, which comes with no fees.

This account is available for free to customers who want to avoid maintenance of minimum balance.

There are currently 41 crores Savings Bank accounts in SBI, out of which 16 crore accounts are already exempt from minimum balance requirements.

These include accounts under PMJDY / BSBD, pensioner/minors/social security benefit holders, and students up to 21 years of age.

SBI offers a variety of savings accounts to cater to different needs and preferences.

The Basic Savings Account is a great option for those who want access to basic banking facilities. This account cannot be opened if you already have another savings account with SBI.

You can also consider the Savings Plus Account With SBI, which is linked to the MOD or Multi Option Deposit system. This allows you to automatically convert surplus funds to Term Deposits.

Another popular option is the Yuva Savings Account With SBI, designed for youths between 18 and 30 years old. This account comes with a free debit card and complimentary facilities.

SBI also offers a Savings Account for Minors, which aims to introduce children to banking and the importance of savings. This account is available in two schemes: PehlaKadam for minors below 10 years and PehliUdaan for those above 10 years.

You can also consider the Jan Dhan Savings Account, which has a liberal account opening procedure through a simplified form. This account is ideal for those who cannot comply with the KYC requirements.

Here's a summary of the different types of SBI accounts: